By Jenniffer B. Austria | Posted on
Nov. 03, 2012 at 12:01am |
[ manilastandardtoday.com ]
Eton Properties Philippines Inc., the
property unit of beer and tobacco tycoon Lucio Tan, has finalized the terms and
conditions for a planned tender offer and delisting from the stock market.
Eton said in a filing with the
Philippine Stock Exchange that it would acquire
shares owned by the public at P3 apiece.
The tender offer price of P3 is
slightly higher than Eton’s closing price of P2.99 on Wednesday.
Eton is 97.46 percent owned by
Tan-owned companies, namely Paramount LandEquities Inc. and Saturn Holdings
Inc. This means only 2.54 percent of the company’s shares, totaling 73.798
million shares, are owned by the public.
Eton is expected to spend P221.4
million to acquire all the public shares.
The tender offer will start on Nov. 7,
2012 and end on Dec. 5, 2012.
“We respectfully petition the exchange
to issue an order delisting the shares of the corporation from the registry of
the exchange effective Jan. 2, 2013, which is at least 60 days from the filing
of this petition, subject to the payment of voluntary delisting fee,” Eton
said.
The property last month decided to
delist from the PSE because of its inability to comply with the 10-percent
public float requirement before the end of the year.
“The board believes that this is the
best option at this time,” Eton said.
Eton officer-in-charge Michael Tan,
however, said the property might relist in the PSE after three years.
The PSE has given non-compliant
companies until Jan. 1, 2013 to meet the requirement. Companies unable to
comply will be slapped with a six-month trading suspension and face delisting
procedures later.
Eton, formerly Balabac Resources and
Holdings Corp., posted a P31-million net income in the first half of the year,
down from P418 million year-on-year.
First-half revenues declined to P995
million from P2.5 billion a year ago due to construction delays.
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